High inflation could lead to many more Long Island property owners falling behind on their property taxes this year.
Rising living costs mean income and expenses no longer add up for many households. Yet, annual property tax bills should be a top priority. Here’s what’s happening, other bills you should consider foregoing before your taxes, and how to slash your bill and stay out of foreclosure.
Living costs have escalated dramatically over the past few years. Not only are prices up across energy costs, insurance, and more, but customer experiences are getting worse with AI and new technology, and consumers are getting less value for their money.
This is especially evident at the grocery store. Where you may now pay 3x more for the same goods, yet find the contents are 30% less than they used to be at the same time. Which is called Shrinkflation.
Add rising interest rates to this, which make borrowing and the use of any credit to buy goods even more expensive as well.
Meanwhile, not only have there been ongoing mass layoffs and hiring freezes, but many are finding competition for jobs is driving down wages at the same time.
Many are finding they are working harder, but earning less, while that money does not seem to go as far as it used to.
What Happens When You Are Late On Your Property Taxes
Not only do you incur late fees, and pay more the longer you are late, but then a tax lien is issued against your property.
Investors bid on tax liens based on the interest rate that they are willing to accept. This can be as much as 18% interest added to your bill. Making it even harder to catch up.
Then if you are still unable to pay, your property can be auctioned off in foreclosure.
Note that this can happen a lot faster than due to missing mortgage payments. Making it a top priority to stay on top of this bill.
5 Things To Stop Paying Before You Default On Property Taxes
If the math just isn’t adding up, and you have to pick and choose which bills to pay or not, consider letting these other expenses fall late before you become delinquent on your property taxes.
- Streaming TV services like Netflix
- Other subscriptions you don’t use that much
- Credit cards
- Unsecured personal loans
- Loans on additional vehicles or properties
How To Save Money On Your Long Island Property Taxes This Year
The good news is that you are probably being overcharged for your property taxes.
This means that with the help of Property Tax Adjusters, Ltd. you may be able to save thousands each year. Making it easier to keep your taxes paid, and keep up with your other bills too.